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Wednesday, March 6, 2013

JPMorgan Management Evades Stockholders

After the $6 billion trading loss at JP Morgan, the U.S.
Senate Permanent Subcommittee on Investigations issued a report raising the
prospect of wider problems than that of a rogue lower-level trader.
Specifically, the report suggests that executives at the bank “ignored warning
signs and failed to alert investors about changes to its method for detecting
risk,” according to the New York Times.That
is, the bank had not been publically disclosing its risky trading, thereby
misleading stockholders and regulators. Banks such as JP Morgan had been urging
regulators to weaken the Volcker Rule in the Dodd-Frank Act of 2010 to allow
banks to continue to engage in some risky proprietary trades.